The revised series includes monthly, quarterly and annual indices (export unit value index, import unit value index), principal commodity classification wise trade indices (export/import), standard international trade classification-wise trade indices, and broad economic categories-wise trade indices.
Further, it will include bilateral and region-wise trade indices covering India’s top 20 export and import partner countries and terms of trade (gross terms of trade, net terms of trade and income terms of trade), the commerce ministry said on Friday.
Merchandise trade indices track changes in the unit value or prices of India’s exports and imports over time. These indices are compiled and published by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
These indices play a key role in economic analysis and policymaking. The statistics ministry uses export and import unit value indices as deflators to estimate real exports and imports in gross domestic product (GDP) calculations, while the Reserve Bank of India relies on them for assessing the external sector, balance of payments and price competitiveness.
The revision incorporates methodological improvements, including refinements in selecting a common commodity basket for base year and treatment of missing unit values. “The revision ensures improved relevance, reliability, and analytical usefulness of the Merchandise Trade Indices for policymakers, researchers, and other stakeholders,” the commerce ministry said in a statement.